BRUSSELS, 19 July 2021 – The EACB, together with other banking sector associations, has responded to the Financial Stability Board’s consultation on Targets for Addressing the Four Challenges of Cross-Border Payments. We appreciate the initiative for global action but we believe that such a complex overhaul of the global payments system requires a thorough analysis as well as an analysis of the whole system, in order to define a target date. At present, the targets are a strong challenge for all parties involved and some adjustments of the proposed targets are needed.
Marieke van Berkel, Head of Department Retail Banking, Payments, Digitalisation and Financial Markets (firstname.lastname@example.org)
About the EACB:
The European Association of Co-operative Banks (EACB) is the voice of the co-operative banks in Europe. It represents, promotes and defends the common interests of its 27 member institutions and of co-operative banks in general. Co-operative banks form decentralised networks which are subject to banking as well as co-operative legislation. Democracy, transparency and proximity are the three key characteristics of the co-operative banks’ business model. With 2,700 locally operating banks and 43,000 outlets co-operative banks are widely represented throughout the enlarged European Union, playing a major role in the financial and economic system. They have a long tradition in serving 214 million customers, mainly consumers, retailers and communities. The co-operative banks in Europe represent 85 million members and 705,000 employees and have a total average market share of about 20%.